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Billionaire Bessent becomes US Treasury Secretary

TB (summary) January 28, 2025 15:11

New US Treasury Secretary Scott Bessent will play a central role in shaping President Donald Trump's economic policy.

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Mr. Bessent passed the Senate vote with 68 votes in favor and 29 against. Photo: WASHINGTON BLADE

On January 27, the US Senate approved billionaire Scott Bessent as Secretary of the Treasury. Thus, Mr. Bessent will play a central role in shaping the economic policy of new President Donald Trump.

As Treasury Secretary, Bessent will be one of the most visible figures in Trump's cabinet, especially after the US President repeatedly threatened tariffs on many countries.

Mr. Bessent will be the one to lead those tariff efforts while avoiding tensions that could upend the world economy.

In addition, Mr. Bessent will participate in the new administration's tax policies and budget planning, addressing the debt ceiling issue as well as tax cuts that President Trump has pledged to support people facing high living costs.

Billionaire Bessent, 62, has experience in investment fund management and is a veteran of Wall Street.

He has been a strong supporter of President Trump's tax cuts and tariffs, and has pushed for efforts to secure supply chains and the global position of the dollar.

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